Realtors group says Phoenix housing market sees historic shift in buyers’ favor

PHOENIX — House hunters in the Valley are holding the cards for the first time in years, as a swelling supply of homes and stagnant demand have flipped the Phoenix-area housing market in favor of buyers, according to a local agent.

“We’re in a buyers’ market in the Phoenix-metro area,” Phoenix Realtors Association Board President Sammy Glassman told KTAR News 92.3 FM.

She said we’ve only seen a similar market like this one other time in the last 25 years, she added.

And that’s due to supply being up and demand staying flat. As a result, there’s more inventory and choice for buyers. Currently, there are 22,040 homes on the market in the Valley.

“For buyers sitting on the fence, this is the time for you to negotiate price and get seller concessions,” Glassman said. “I just had a transaction where we got our buyer agent compensation covered by the seller, seller concessions and a new A/C unit for a buyer.”

She said now is the time for buyers to get the best deal but it depends on the area, the price point and the property type.

“We have some properties priced real well, that are move-in ready,” Glassman said.

Overall, buyers have more leverage in today’s housing market

“You can get in the door, take your time and leverage the market a little bit to work with your agent to negotiate,” she said.

And she said don’t wait for interest rates to drop again.

“We’re heard this for years about marry the house, date the rate,” Glassman said. “Get the house you want. You can refinance when the rate drops. That’s why I’m telling buyers right now they have more leverage to negotiate.”

Glassman also recommends not doing this on your own.

“If you’re out there buying or selling, work with a professional, work with somebody who can help you see what all of your options are because you might be leaving something on the table that you don’t know about that could help make home buying more affordable,” she said.

Related

Why are metro Phoenix home sales slowing? Local expert explains market forcesWith home prices down and inventory up, is metro Phoenix a buyer's market?Demolition of Food City in Tempe makes way for affordable housing, grocery developmentSaddleback community in Peoria unveils debut model home collectionScottsdale developer DMB sells off 308 home lots in BuckeyeValley takes 4 of top 10 spots in ranking of best US cities for 1st-time homebuyers